Gestión de Capital Riesgo del País Vasco (GCRPV)
Venture capital management company of the SPRI Group (SPRI holds 73%) SPRI – Agencia Vasca de Desarrollo Empresarial (Gobierno Vasco)
Also known as Gestión de Capital Riesgo del País Vasco, SGEIC, S.A., GCRPV, Euskal Herriko Arrisku Kapitalaren Kudeaketa, IKEKS, S.A., Capital Riesgo Euskadi (Grupo SPRI)
SGEIC of the Basque Government's SPRI Group (CNMV no. 2, est. 1985) managing public VC funds such as Ezten, Ezten II, Hazten Scale-Up and Basque that take minority stakes in Basque companies.
- HEADQUARTERS
- Bilbao, Spain
- FOUNDED
- 1985
- AUM
- —
- OUTSIDE CAPITAL
- —
- TEAM LISTED
- 2 people
FOCUS
- STAGES
- Pre-SeedSeedSeries ASeries BGrowth
- SECTORS
- Deep TechBiotech & Life SciencesHealthTechClimate & EnergyIndustrial & ManufacturingMobility & LogisticsSoftware & SaaS
- ASSET MIX
- Venture capitalPrivate equityDirect investments
- GEOGRAPHY
- Spain
WHAT IT IS
Government-backed Fund. Public money — a state or EU-backed vehicle investing on behalf of taxpayers, often with policy goals.
ABOUT
Gestión de Capital Riesgo del País Vasco, SGEIC, S.A. was incorporated on 4 October 1985 under a Basque Government decree and is the second-oldest venture capital manager in Spain, no. 2 in the CNMV register. Part of the SPRI Group, the Basque business development agency, it manages public venture capital funds that take minority, temporary stakes through equity, participative loans, convertibles and hybrids, with 5–10 year horizons, in Basque start-ups, scale-ups and industrial SMEs. Its site states that it has invested in more than 500 Basque companies. In 2026 the Basque Government created two €50M funds it manages, Hazten Scale-Up and Ezten II, both funded by Indartuz (Instituto Vasco de Finanzas).
INVESTMENT THESIS
Minority, temporary investments aligned with the Basque Industry Plan 2030 and its energy-ecological, technological-digital and social-health transitions: pre-seed to Series B+ start-ups in deep tech, biosciences, digital, energy, decarbonisation and circular economy; growth and industrialisation of SMEs; succession, employee-owned companies and cooperatives.
PORTFOLIO (13)
- Walter PackIndustrial & Manufacturing · since 2026
- Hydrogen Onsite (H2SITE)Climate & Energy · since 2022
- Satlantis MicrosatsSpace · since 2022
- BasquevoltClimate & Energy · since 2022
- VivebiotechBiotech & Life Sciences · since 2022
- Aresar Manufacturing & Salessince 2022
- Arastortzsince 2022
- Nuuk Mobility SolutionsMobility & Logistics · since 2023
- Veltium Smart ChargersMobility & Logistics · since 2023
- Cocoon BioscienceBiotech & Life Sciences · since 2023
- Irisbond (via Seed Gipuzkoa SCR)HealthTech
- Multiverse (via Seed Gipuzkoa SCR)
- Mondragon Fondo de Promoción, FCR (fund holding via Seed Gipuzkoa SCR)
TEAM
LINKS
FAQ
Gestión de Capital Riesgo del País Vasco (GCRPV) is a government-backed fund based in Bilbao, Spain, founded in 1985.
Yes. Gestión de Capital Riesgo del País Vasco (GCRPV) invests directly in private companies. It also commits capital to third-party funds as an LP.
Gestión de Capital Riesgo del País Vasco (GCRPV) invests at Pre-Seed, Seed, Series A, Series B and Growth stages in Deep Tech, Biotech & Life Sciences, HealthTech, Climate & Energy, Industrial & Manufacturing, Mobility & Logistics and Software & SaaS.
Key people at Gestión de Capital Riesgo del País Vasco (GCRPV) include Arrate Aranbarri Osoro (Director General) and Zigor Urquiaga Urquiza (Chair of the board).
Gestión de Capital Riesgo del País Vasco (GCRPV)'s investments include Walter Pack, Hydrogen Onsite (H2SITE), Satlantis Microsats, Basquevolt, Vivebiotech, Aresar Manufacturing & Sales, Arastortz and Nuuk Mobility Solutions, among others.
The most recent publicly reported investment by Gestión de Capital Riesgo del País Vasco (GCRPV) is Walter Pack (Growth round led by Stellum Growth (EZTEN II FCR €1.5M)), announced in Jul 2026.
Gestión de Capital Riesgo del País Vasco (GCRPV) states that it accepts submissions through its official contact page.